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Author: rafferty

AIG Advisor Group’s Makeover Gets OK

00:00 01 January in In the News by rafferty

by Bruce Kelly and featured in Investment News
January, 2007:

Industry observers and financial advisers are welcoming a series of management changes announced Tuesday by AIG Advisor Group Inc., which hopes the changes will lead to better services for advisers.

The biggest change is that AIG has named Larry Roth to replace Peter Harbeck as chief executive.

Mr. Harbeck remains the group’s chairman.

AIG Advisor Group’s changes are seen as boding well for the network of broker-dealers.

The changes signal that AIG Advisor Group’s management wants to “use the best ideas among the firms and spread them across the board to benefit everyone,” Mr. Henschen said.

Mr. Roth joined AIG in January 2006, replacing Mark Goldberg as president and chief executive of Royal Alliance Associates Inc.

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Waiter, There’s a Fly in My Soup! Looking for Nice People

00:00 01 January in Articles Written by Jon Henschen by rafferty

by Jonathan Henschen, CFS and featured in Broker-Dealer Journal
January, 2007:

A functional back-office that delivers good service to advisors must be nurtured by management. No matter how much they produce, advisors who are rude and condescending to support staff should be weeded out before setting a dangerously negative tone.

Recently, I started a weekly 30-minute radio show through ProducersWeb.com interviewing broker/dealers. It wasn’t long before I discovered a reoccurring pattern among my guests. When asked what kinds of advisors they target, instead of “Advisory focus,” “Big producers” or “Financial planning Approach,” as I was expecting, their first reply is usually: “We want them to be nice!”

But that focus made perfect sense the more I thought about it, since the alternative to “nice” can have dire effects on a firm’s back office,

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Top 5 reasons advisors stay at BDs. Creating “Hooks” to improve retention

00:00 01 January in Articles Written by Jon Henschen by rafferty

by Jonathan Henschen, CFS and featured in Broker Dealer Journal
January, 2007:

Last year I wrote an article detailing the, “Top 5 Reasons Advisors Leave a Broker/Dealer.”  The more I researched the topic, the clearer the differences between advisors who move on and those who stay became. For advisors to consider changing broker/dealers, the pain threshold must be sufficiently high to motivate them to make that drastic move. Nonetheless, though many advisors have mixed emotions about their broker/dealers, usually ranging from disappointment to apathy, most stay on.  Why is that?

I look at the reasons reps stay with broker/dealers in fishing terms (can’t help myself; I live in Minnesota!).  That is, I see these reasons as “hooks” holding advisors to their firms.  The more hooks a firm has in its reps,

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